Michael Kors initiates its market debut.
Michael Kors Holding Raises $944 Million in Two Offerings
Michael Kors Holding, the luxury fashion company founded by Michael Kors, Lawrence Stroll, and Silas Chou, has made a successful debut on the stock market, raising a total of $944 million in two offerings.
The company, which was previously managed by investment firm Sequoia Capital, made its debut at the New York Stock Exchange today. The debut was attended by Michael Kors and his partners, who also rang the bell to mark the occasion.
The first offering, which took place in 2011 when the company was still known as KORS, brought in $383.4 million. This was followed by a second offering today, which brought an additional $560.6 million. The second offering saw the distribution of 47.2 million shares, with each share priced at $20 (€15.4).
The company's founders, Michael Kors, Lawrence Stroll, and Silas Chou, played a significant role in the fundraising efforts. Lawrence Stroll and Silas Chou, who previously injected resources into the development of Tommy Hilfiger, bought the majority of the capital for KORS.
Michael Kors launched the company three decades ago and has since grown it into a global luxury fashion powerhouse. Today, the company, trading under the name Michael Kors Holding, is valued at $3.8 billion.
The company's initial public offering (IPO) in 2011, which was managed by Sequoia Capital, valued the company at $7.4 billion. However, since then, the company has faced challenges, including a decline in sales and a change in leadership.
Despite these challenges, Michael Kors Holding is now poised for growth and expansion. The company's new name and successful fundraising efforts are a testament to its resilience and potential for success in the competitive fashion industry.
